https://www.taxtmi.com/manuals?id=1582 Special provision for computing profits and gains of a specified profession on a presumptive basis applies to eligible resident assessees carrying on notified professional activities. The presumptive income is the higher of 50% of gross receipts or the profit actually claimed, subject to the prescribed turnover limit, with a higher limit where cash receipts do not exceed 5% of total receipts. The provision overrides contrary computation rules, restricts additional deductions and loss claims, and applies books, audit, written down value, and advance tax requirements in specified cases. en-us Mon, 19 Jun 2017 14:33:00 +0530 Thu, 07 May 2026 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1582 Special provision for computing profits and gains of a specified profession on a presumptive basis applies to eligible resident assessees carrying on notified professional activities. The presumptive income is the higher of 50% of gross receipts or the profit actually claimed, subject to the prescribed turnover limit, with a higher limit where cash receipts do not exceed 5% of total receipts. The provision overrides contrary computation rules, restricts additional deductions and loss claims, and applies books, audit, written down value, and advance tax requirements in specified cases. Manuals Income Tax Mon, 19 Jun 2017 14:33:00 +0530 https://www.taxtmi.com/manuals?id=1582